EXTRACT

FROM THE

ACT TO INCORPORATE

THE

FIREMEN'S INSURANCE COMPANY,

OF THE

CITY OF NEW-YORK.

PASSED APRIL 18, 1825.

SECTION 20. And be it further enacted, That the Fire Department of the city of New-York shall have the privilege of subscribing for twenty thousand dollars of the said capital stock; and this corporation shall award them that amount, if subscribed for within ten days after opening the books, on condition that they pay ten per cent. of the amount at the time of subscription, and the residue within seven years thereafter, to be secured by bond, under their corporate seal, with interest at four per cent. per annum, payable half yearly, on the first Mondays of May and November: Provided, any thing herein contained to the contrary notwithstanding, that, on the sale or transfer of said stock, or any part thereof, the same shall be paid for and invested as provided for in the third section of this act.